Questions to Ask Yourself:
Here are some things to consider before contacting SEDC:
Questions to Ask Yourself
Market & Customers
- What problem am I solving, and is there still strong demand for it today?
- Who is my ideal customer, and how have their buying habits changed in the last few years?
- What makes my business different from competitors?
- How will I attract customers online as well as through traditional channels?
- What customer trends could impact my business over the next three to five years?
Financial Readiness
- Do I have enough working capital to manage unexpected expenses or slower sales?
- How sensitive is my business to rising interest rates, inflation, or supply costs?
- What are my monthly break-even sales requirements?
- Have I prepared realistic cash flow projections under both optimistic and conservative scenarios?
- Could my business remain viable if revenue dropped by 20% for several months?
Technology & Operations
- Am I using technology effectively to improve efficiency and customer service?
- What processes could be automated to save time and reduce costs?
- How will I protect customer data and business information?
- Do I have backup systems in place for technology failures or cyber incidents?
Workforce & Skills
- Can I recruit and retain the employees or contractors I need?
- What key skills will my business require in the next five years?
- If I were unable to work temporarily, could the business continue operating?
- Do I have a plan to train and develop my team?
Risk & Resilience
- What are the biggest risks facing my business today?
- How dependent am I on a small number of customers, suppliers, or partners?
- Do I have contingency plans for supply chain disruptions or economic downturns?
- What would I do if a key customer represented 25% of my revenue and suddenly left?
Growth & Sustainability
- Is my business model scalable?
- What opportunities exist to diversify revenue streams?
- How can I improve environmental and social sustainability while remaining profitable?
- What partnerships could help accelerate growth?
- Where do I want the business to be in three, five, and ten years?
Funding & Investment
- What funding options are available to support my goals?
- How much debt can my business reasonably support?
- What return on investment do I expect from major purchases or expansion plans?
- Am I prepared to explain my business and financial projections to a lender or investor?
SEDC-Focused Closing Question
If I were presenting my business plan to a lender, investor, or economic development organization today, would I be confident in my ability to demonstrate market demand, financial viability, and long-term sustainability?
Business Advisory Services
- Assistance in Business Plan Preparation and Review
- General Business Information & Demographics
- Government Programs & Training re: Business Management
- Export Readiness Information
- Assistance in negotiating loan packages with other lending institutions